Life Insurance company jobs

A new Beginner's Guide to Insurance policy

Getting the right kind of insurance is central to sound financial planning. Several of us may have some form of insurance policy but very few really understand what it is or why one must have it. For the majority of Indians insurance policy is a form of investment or a superb tax saving avenue. Request the average person about his or her investments and they will proudly mention an insurance coverage product as part of their core investments. Associated with the approximately 5% of Indians that are covered the proportion of those adequately insured is significantly lower. Very few of the insured view insurance as purely that. There is perhaps no other financial product that has seen such rampant mis. Marketing at the hands of agents who are over enthusiastic in selling products backlinking insurance to investment making them fat commissions. Life Insurance company jobs

Just what is Insurance?

Insurance is a way of growing out significant financial chance of a person or business entity. To a big group of individuals or business entities in the occurrence of an unfortunate event that is predetermined. The cost of being insured is the monthly or total annual compensation paid to the insurance company. Within the purest form of insurance if the predefined event does not take place until the period specified the money paid as compensation is not retrieved. Insurance is effectively a means of spreading risk among a pool of men and women who are insured and brighten their financial burden in the event of a shock.

Types of Insurance

Potentially any risk which can be quantified in conditions involving can be insured. To guard loved ones from loss of income due to immature death one can have a life insurance policy policy. To safeguard yourself and your family against unexpected medical expenses you can opt for a Mediclaim policy. To safeguard your vehicle against robbery or harm in accidents you could have a motor insurance policy. To protect your home against theft, damage due to open fire, flood and other challenges you can find dating a home insurance.

Most popular insurance forms in India are life insurance, health insurance and motor insurance. Apart from these there are other forms as well which are discussed in quick in the following sentences. The insurance sector is regulated and monitored by IRDA (Insurance Regulatory and Development Authority).

Life insurance coverage

This particular form of insurance provides cover against financial risk in the event of premature death of the insured. There are 24 life insurance companies enjoying in this arena of which Life insurance coverage Corporation of India is a public sector company. There are several varieties of life insurance policy policies the simplest form of which is term plan. The other complex policies are endowment plan, whole life plan, money back plan, ULIPs and annuities.

General Insurance

Just about all other insurance policies besides Life Insurance fall under General Insurance. There are 24 general insurance companies in India of which 4 namely National Insurance Company Ltd. New India Assurance Company Ltd, Oriental Insurance policy Company Ltd and Combined India Insurance Company Ltd are in the public field domain.

The biggest pie of non-life insurance in conditions of premiums underwritten is shared by motor insurance followed by architectural insurance and health insurance. Other types of insurance provided by companies in India are home insurance, travel cover, personal accident insurance, and business insurance.